Tuesday, 3 December 2013

Labours Wonga Embarrassment

It had to happen, after launching a campaign against Wonga it turns out a Labour council has invested taxpayers money in.......... Wonga :

"A council whose leader hit out at Newcastle United’s sponsorship by
pay-day lender Wonga has indirectly contributed money to the firm, it
has been revealed.Newcastle City Council is part of a pension fund with £233,000 invested in the company, it has emerged.Newcastle is one of five local authorities paying into the Tyne and Wear Pension Fund, which ploughed the sum into Wonga.The
city council has previously criticised the lender, making its website
inaccessible from all public and council-owned computers in Newcastle."

The Chronicle goes on :"And leader Nick Forbes has been outspoken in his criticism of payday
loans since Newcastle United signed up Wonga as its shirt sponsors.He said at the time: “I’m sickened. It’s a sad indictment of the profit-at-any-price culture at Newcastle United"

Along with the "ethical" Co-op bank this is just another example of the left and labour failing to practice what they preach!